智通财经网·2025-10-21 03:51Core Viewpoint - Goldman Sachs forecasts Zijin Mining (02899, 601899.SH) will maintain strong profit growth momentum from 2025 to 2026, achieving an approximate 50% annual compound growth rate, primarily benefiting from rising gold and copper prices as well as increased production [1] Group 1: Financial Performance - Zijin Mining reported a net profit of 14.6 billion RMB for the third quarter, with earnings per share of 0.548 RMB, representing a year-on-year increase of 57% [1] - For the first three quarters, the recurring net profit reached 34.7 billion RMB, equivalent to 69% of Goldman Sachs' full-year estimate for 2025 and 73% of market expectations [1] - The recurring performance is generally in line with both Goldman Sachs' and market expectations [1] Group 2: Price Target Adjustments - Goldman Sachs maintains a "Buy" rating for Zijin Mining, raising the target price for H-shares from 30 HKD to 37.5 HKD and for A-shares from 31 RMB to 37.5 RMB [1] Group 3: Earnings Forecast Adjustments - Based on the global commodities team's revised forecasts for copper and gold prices, along with the impact of the spin-off of Zijin Gold International (02259) and the recent acquisition of RG Gold Mine, Zijin Mining's earnings forecasts for the fiscal years 2025 to 2027 have been increased by 1% to 26% [1]